TeraWulf Announces August 2024 Production and Operations Update
TeraWulf Inc. (Nasdaq: WULF) released its August 2024 production and operations update, highlighting significant growth in its bitcoin mining capacity. The company's self-mining capacity doubled year-over-year, reaching 10.0 EH/s. In August, TeraWulf mined 184 bitcoin, averaging 5.9 bitcoin per day. The average cost per bitcoin mined was $35,407, with a power rate of $0.044/kWh.
TeraWulf's Lake Mariner facility participated in demand response activities, curtailing over 1,200 MWh, which is expected to reduce power costs by $0.007/kWh for the month. The company is making progress on its AI/HPC projects, including a 2 MW 'WULF Den' proof-of-concept and a 20 MW colocation pilot project at Lake Mariner, both on track for completion in the near future.
TeraWulf Inc. (Nasdaq: WULF) ha pubblicato il suo aggiornamento sulla produzione e operazioni di agosto 2024, evidenziando una crescita significativa nella sua capacità di mining di bitcoin. La capacità di auto-mining dell'azienda è raddoppiata rispetto all'anno precedente, raggiungendo 10.0 EH/s. In agosto, TeraWulf ha minato 184 bitcoin, con una media di 5.9 bitcoin al giorno. Il costo medio per bitcoin estratto è stato di $35,407, con una tariffa energetica di $0.044/kWh.
La struttura Lake Mariner di TeraWulf ha partecipato ad attività di risposta alla domanda, riducendo oltre 1,200 MWh, il che dovrebbe comportare una riduzione dei costi energetici di $0.007/kWh per il mese. L'azienda sta facendo progressi nei suoi progetti AI/HPC, incluso un progetto pilota 'WULF Den' da 2 MW e un progetto pilota di co-locazione da 20 MW presso Lake Mariner, entrambi in fase di completamento nel prossimo futuro.
TeraWulf Inc. (Nasdaq: WULF) publicó su actualización de producción y operaciones de agosto de 2024, destacando un crecimiento significativo en su capacidad de minería de bitcoin. La capacidad de auto-minería de la empresa se duplicó año tras año, alcanzando 10.0 EH/s. En agosto, TeraWulf minó 184 bitcoin, con un promedio de 5.9 bitcoin por día. El costo promedio por bitcoin extraído fue de $35,407, con una tarifa de energía de $0.044/kWh.
La instalación Lake Mariner de TeraWulf participó en actividades de respuesta a la demanda, reduciendo más de 1,200 MWh, lo que se espera que reduzca los costos de energía en $0.007/kWh durante el mes. La empresa está avanzando en sus proyectos de IA/HPC, incluidos un proyecto de prueba de concepto 'WULF Den' de 2 MW y un proyecto piloto de co-locación de 20 MW en Lake Mariner, ambos previstos para completarse en un futuro cercano.
TeraWulf Inc. (Nasdaq: WULF)는 2024년 8월 생산 및 운영 업데이트를 발표하여 비트코인 채굴 능력의 상당한 성장을 강조했습니다. 회사의 자가 채굴 능력은 작년 대비 두 배가 되어 10.0 EH/s에 도달했습니다. 8월 동안 TeraWulf는 184 비트코인을 채굴하여 하루 평균 5.9 비트코인을 기록했습니다. 채굴된 비트코인당 평균 비용은 $35,407로, 전력 비용은 $0.044/kWh이었습니다.
TeraWulf의 Lake Mariner 시설은 수요 대응 활동에 참여하여 1,200 MWh 이상을 줄였으며, 이로 인해 월간 전력 비용이 $0.007/kWh 감소할 것으로 예상됩니다. 회사는 Lake Mariner에서 2 MW 'WULF Den' 개념 검증 프로젝트와 20 MW 콜로케이션 파일럿 프로젝트를 포함하여 AI/HPC 프로젝트에서 진행 중이며, 두 프로젝트 모두 가까운 미래에 완료될 예정입니다.
TeraWulf Inc. (Nasdaq: WULF) a publié sa mise à jour sur la production et les opérations d'août 2024, mettant en avant une croissance significative de sa capacité de minage de bitcoin. La capacité d'auto-minage de l'entreprise a doublé d'une année sur l'autre, atteignant 10.0 EH/s. En août, TeraWulf a miné 184 bitcoin, avec une moyenne de 5,9 bitcoin par jour. Le coût moyen par bitcoin miné était de 35 407 $, avec un tarif énergétique de 0,044 $/kWh.
La structure Lake Mariner de TeraWulf a participé à des activités de réponse à la demande, réduisant plus de 1 200 MWh, ce qui devrait entraîner une réduction des coûts d'énergie de 0,007 $/kWh pour le mois. L'entreprise progresse dans ses projets d'IA/HPC, y compris un projet de preuve de concept 'WULF Den' de 2 MW et un projet pilote de colocation de 20 MW au Lake Mariner, tous deux sur la bonne voie pour être achevés dans un avenir proche.
TeraWulf Inc. (Nasdaq: WULF) hat sein Produktions- und Betriebsupdate für August 2024 veröffentlicht, das ein signifikantes Wachstum seiner Bitcoin-Mining-Kapazität hervorhebt. Die Selbst-Mining-Kapazität des Unternehmens hat sich im Jahresvergleich verdoppelt und beträgt nun 10.0 EH/s. Im August hat TeraWulf 184 Bitcoin abgebaut und damit durchschnittlich 5,9 Bitcoin pro Tag erzielt. Die durchschnittlichen Kosten pro abgebautem Bitcoin lagen bei $35,407, mit einem Strompreis von $0.044/kWh.
Die Anlage Lake Mariner von TeraWulf hat an Nachfrage-Antwort-Aktivitäten teilgenommen und über 1,200 MWh eingespart, was voraussichtlich die Energiekosten um $0.007/kWh für den Monat senken wird. Das Unternehmen macht Fortschritte bei seinen AI/HPC-Projekten, einschließlich eines 2 MW 'WULF Den' Machbarkeitsnachweises und eines 20 MW Co-Location-Pilotprojekts am Lake Mariner, beide auf Kurs zur Fertigstellung in naher Zukunft.
- Self-mining capacity doubled year-over-year to 10.0 EH/s
- Mined 184 bitcoin in August, averaging 5.9 bitcoin per day
- Average operating hash rate improved to 8.2 EH/s from 8.0 EH/s in July
- Demand response activities expected to reduce power costs by $0.007/kWh
- Progress on AI/HPC projects, including 2 MW 'WULF Den' and 20 MW colocation pilot
- Average cost per bitcoin mined was $35,407 in August
- Bitcoin production decreased from 195 in July to 184 in August
Insights
TeraWulf's August update reveals significant operational growth, with self-mining capacity doubling year-over-year to 10.0 EH/s. The company mined 184 bitcoin at an average cost of
The company's strategic pivot towards AI/HPC infrastructure with the "WULF Den" and "CB-1" projects could diversify revenue streams and capitalize on the growing AI market. However, investors should note that these initiatives are still in early stages and their impact on financials remains to be seen.
While the
TeraWulf's technological advancements are noteworthy. The increase in operational hash rate to 8.2 EH/s, despite summer challenges, demonstrates effective optimization strategies. The nameplate miner efficiency of 24.6 J/TH is competitive, indicating modern, efficient hardware.
The company's foray into AI/HPC infrastructure with the 2 MW "WULF Den" and 20 MW "CB-1" projects showcases a forward-thinking approach. These facilities, designed for high-density GPUs and liquid cooling, position TeraWulf to potentially capitalize on the burgeoning AI compute market. The Tier 3 data center specifications for CB-1 suggest a commitment to high-quality infrastructure.
However, investors should be aware that entering the AI/HPC market will bring new technological challenges and competition. The success of these initiatives will depend on TeraWulf's ability to attract clients and efficiently manage these new, complex systems.
Significant advancements of AI/HPC digital infrastructure at Lake Mariner
10.0 EH/s of installed and operational self-mining capacity, doubling year-over-year
EASTON, Md., Sept. 04, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, domestic bitcoin mining facilities powered by predominantly zero-carbon energy, today provided an unaudited monthly production and operations update for August 2024.
August 2024 Production and Operations Highlights
- Self-Mined Bitcoin: TeraWulf mined 184 bitcoin in August, achieving an average production rate of approximately 5.9 bitcoin per day.
- Operating Capacity: The Company's installed and operational self-mining capacity reached approximately 10.0 EH/s, representing a
100.0% increase year-over-year.
- Power Cost: The average cost per bitcoin mined was
$35,407 in August, reflecting an approximate rate of$0.04 4/kWh. This excludes the benefit from expected demand response and ancillary services proceeds, which are anticipated to be substantial, as outlined below.
- Demand Response: TeraWulf’s Lake Mariner facility curtailed over 1,200 MWh in August as part of its demand response activities. This is expected to reduce power costs by approximately
$0.00 7/kWh for the month, representing a value equivalent of approximately 16 BTC, based on August’s “Value per Bitcoin Self-Mined.”
| Key Metrics1 | August 2024 | July 2024 | ||
| Bitcoin Self-Mined Lake Mariner | 147 | 155 | ||
| Bitcoin Self-Mined Nautilus | 37 | 40 | ||
| Value per Bitcoin Self-Mined2 | $ | 60,025 | $ | 62,887 |
| Power Cost per Bitcoin Self-Mined | $ | 35,407 | $ | 36,346 |
| Avg. Operating Hash Rate (EH/s)3 | 8.2 | 8.0 | ||
| Nameplate Miner Efficiency (J/TH)4 | 24.6 | 24.6 | ||
Management Commentary
“During August, TeraWulf mined 184 bitcoin, maintaining an average production rate of nearly 6 bitcoin per day,” said Sean Farrell, Senior Vice President of Operations at TeraWulf. “This underscores our continued operational optimizations, particularly during peak summer temperatures and demand response events, and is evidenced by an improved average operating hash rate compared to July.”
Farrell added, "We have made significant progress at the Lake Mariner site on our 2 MW ‘WULF Den’ proof-of-concept project for WULF Compute, designed to house high-density GPUs. The project remains on track for completion in early September, with chillers and low-voltage transformers installed, and wiring and piping work to deliver power and cooling to the AI room well underway. Additionally, construction of CB-1, our 20 MW AI/HPC building at Lake Mariner, is advancing as planned, with targeted completion by year-end5."
Production and Operations Update
As of August 31, 2024, TeraWulf's operational infrastructure capacity included 195 MW at the Lake Mariner facility and 50 MW at the Nautilus facility. The Company's total self-mining hash rate stands at approximately 10.0 EH/s. In August, TeraWulf's miners operated at an average of 8.2 EH/s, influenced by demand response events and performance tuning strategies designed to maximize profitability.
On the WULF Compute front, the Company continues to make steady progress on its large-scale AI/HPC project at the Lake Mariner facility. This includes ongoing construction of a 2 MW AI/HPC digital infrastructure proof-of-concept building, designed to support both current and next-generation GPU technology. Additionally, TeraWulf is developing a 20 MW colocation pilot project, “CB-1,” at Lake Mariner. This building is engineered to support 16 MW of critical IT load with liquid cooling and redundancy features typical of a Tier 3 data center, and it remains on track to be operational by year-end.
About TeraWulf
TeraWulf owns and operates vertically integrated, environmentally clean data center infrastructure in the United States, which is currently deployed to mine bitcoin sustainably. Led by an experienced group of energy entrepreneurs, the Company currently has two facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. Today, TeraWulf generates domestically produced bitcoin powered by predominantly zero carbon energy resources, including nuclear and hydro, with a long-term goal of utilizing
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Company Contact:
Jason Assad
Director of Corporate Communications
assad@terawulf.com
(678) 570-6791
________________________________
1 The Company’s share of the earnings or losses from operations at the Nautilus Cryptomine facility is reflected within “Equity in net income (loss) of investee, net of tax” in the consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates and remain subject to standard month-end adjustments.
2 Computed as the weighted-average opening price of bitcoin on each respective day the Bitcoin Self-Mined is earned.
3 While nameplate mining inventory as of August 31, 2024 for WULF’s two facilities is estimated at 10.0 EH/s, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair.
4 Nameplate miner efficiency excludes auxiliary load.
5 The 2 MW AI/HPC digital infrastructure within the WULF Den pilot project and the 16 MW AI/HPC building at the Lake Mariner facility are IT Load (compute).
FAQ
How many bitcoin did TeraWulf (WULF) mine in August 2024?
What was TeraWulf's (WULF) installed and operational self-mining capacity in August 2024?
What was the average cost per bitcoin mined for TeraWulf (WULF) in August 2024?
How much energy did TeraWulf's (WULF) Lake Mariner facility curtail in August 2024?
